GROWMARK reports record sales for FY 2012

Higher commodity prices and solid volume growth in most GROWMARK business units produced record sales for the cooperative for the 2012 fiscal year.

Compiled by staff

Published: Sep 3, 2012

CEO Jeff Solberg announced unaudited, estimated sales of $10 billion for the 2012 fiscal year, the highest in the cooperative’s history. GROWMARK’s pretax income is estimated at $295 million, the second highest in the company’s history. An estimated $140 million in patronage refunds -- also a company record -- will be returned to GROWMARK member cooperatives and farmer-owners.

“This is our 85th year as a cooperative system, and we are proud of the progress from our founding to now, reporting the strongest sales numbers in our history,” Solberg said at last week’s annual meeting of the cooperative in Chicago.

“Our business is built around our mission to improve the long-term profitability of our member owners. “With our record sales this year, we are able to return a record amount of patronage to our owners,” he continued. “We remain committed to their success and to the unity of our cooperative system.”

Operational highlights for the company’s business units were also reported at the annual meeting: Record high sales volume for the Plant Food Division was reported, due to strong corn acreage, a good fall application window, an early spring season as well as market share growth.

The Seed Division increased unit sales of seed corn to a record high, while soybean sales were even with last year.

The Crop Protection Division set another sales record over last year. Higher sales of agronomy application equipment and farm grain systems led to increased sales in the Facility Planning Division, as well.

The Energy Division recorded another record year for total energy volume. Gasoline and diesel fuel both showed strong growth, while propane was slightly lower than last year.

GROWMARK is a regional cooperative providing agriculture-related products and services, as well as grain marketing, in 31 states and Ontario, Canada.

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